Central Steel Supply is New England's premier steel service center.
It all started in 1948 when Walter Lipsett bought the family business that was on the brink of bankruptcy. With only $1,500. in personal savings, and just two employees (Walter and his father), he convinced the corporate loan department at the Middlesex Bank in Everett that he could make a profit. The bank took a gamble on his company with a $100,000 line of credit and an expectation for increased profits and sales. Sales did soar and over the next two years Central Steel and American Steel Trading Corp. (a newly formed company) prospered.
The company continued to grow until Walter was called to service in the Korean war. When Walter returned to the business after serving 2 years in the Navy, he, once again, found the business on the verge of bankruptcy. However, this time, the bank readily provided their full support to the Company because of Walter’s past track record.
After many years of great success, Central Steel was, once again, faced with a serious setback. Over many years, an occasional event would endanger the Company’s future, but the most serious challenge occurred in 1982 when a destructive fire destroyed the building, equipment and inventory. Unfortunately, insurance did not cover the multi million dollar loss and the time delay to resume normal operation had a terrible impact on the Company. However, with hard work and determination, Central Steel was back on its feet on the road to success and Walter made sure that all employees received their full compensation including sick pay, vacation pay and bonuses.
During the past 10 years, Walter has been most fortunate to have his son-in-law, John deVries, join him at the helm. John has instituted many changes and programs which have enhanced the company’s performance. John was responsible for redesigning and upgrading the warehouse which has become the model steel service center in New England. He has effectively utilized Central’s membership in the North American Steel Alliance and his quarterly newsletters have become an invaluable resource to the industry.
At Central Steel, the teamwork between sales, office, warehouse and shipping is extraordinary to satisfy the needs of its customers. Many companies may make this claim but at Central Steel it is a philosophy adopted and practiced by every employee regardless of his or her position in the company. Employee turnover is minimal and, in many cases, multiple family members such as sons, sisters and son-in-laws work at the company. Some employees have been at Central Steel for as long as 44 years.
Walter and John are indeed fortunate to have loyal employees whose dedication to the company’s accomplishments is just as strong as theirs. The determination, entrepreneurial spirit and passion of Walter and John (now President of the Company) has made Central Steel Supply Co. a most unique and special company.